The war for talent is here. And it’s not going away anytime soon. In fact, according to Fortune the talent market will remain highly competitive until 2031 – nearly another decade!
The reasons have been known to us all. The Great Resignation is on-going with nearly 4 million quits this past December alone. Furthermore, in the IT sector skilled talent is not aligned to the markets with the greatest demand. According to Staffing Industry Analysts (SIA), the Americas region accounts for 52% of IT roles but has only 17% of the skilled talent.
The demand for skilled workers in the US far exceeds the available talent – especially in tech. And candidates know this and have demonstrated that they are taking advantage.
All of this sounds quite dire, so how can companies win?
We find that those who are successful are willing and able to compete in the talent market with the same aggressive and competitive nature with which their business attacks the competitive landscape. It’s a mindset and time commitment demonstrated at the very top of an organization.
Here are a few tips that has worked well for our successful clients:
- Make it personal. At the end of the day, competitive offers a candidate weighs are just that – offers with often similar compensation packages. We find that one of the most significant contributors to getting a candidate over the line is the ‘gut-check’ personal relationship that they may have developed with a hiring manager throughout the recruiting process. Often the best asset of a young tech firm is the founder and/or CEO. Get them involved. They are great closers – with a huge impact on the candidate’s experience. I often suggest that the hiring manager (and not just myself as the recruiter or an admin in HR) should be communicating with the candidate throughout the process.
- Fast, but thorough. In any competitive marketplace, speed is an asset. Especially when paired with quality work. Talent is a large and important investment for any firm, and we don’t advocate sacrificing the quality of your vetting process. Instead, find a way to do it more quickly. We find our most successful clients are able to move candidates in their process in about two weeks to offer after initial contact. This is also a huge indicator to candidates that the hire is important to you and that your firm works in a highly efficient manner. And that’s a highly desirable attribute to candidates.
- Sell at all touchpoints. Make sure to allocate time in each candidate interview to not just vet the candidate, but to also sell your firm’s assets to the candidate. The candidate should leave the process with a thorough understanding of what makes the firm, the role and the team (especially the hiring manager) stand out.
- Listen and respond. An invaluable trait in any personal discussion is the ability of one to listen and respond appropriately. Understanding what’s important to a specific candidate as they consider their next professional move is the best way to prepare for an accepted offer. The ‘close’ starts with the first conversation.